Question

What recent directive from IRDA aims to reflect the long-term protection function of ULIP policies?

a.

Providing Benefit Illustrations at 6% and 10%

b.

Increasing the lock-in period from three years to five years

c.

Requiring a uniform premium for all ULIPs

d.

Imposing a cap on charges from the 5th year onwards

Posted under IC 89 Management Accounting

Answer: (b).Increasing the lock-in period from three years to five years Explanation:The lock-in period for ULIPs has been increased from three years to five years to reflect the long-term protection function of the policy.

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Q. What recent directive from IRDA aims to reflect the long-term protection function of ULIP policies?
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